Posted 1/8/2024, 11:15:43 AM
India's Exports Face $30 Billion Hit as Hijacking Threats Raise Shipping Costs Through Red Sea
- India's exports may decline by $30 billion in current fiscal year due to Red Sea threats
- Shipping rate increases prompted by hijacking threats are making exporters hold back shipments
- Vessel traffic through Suez Canal down 44% compared to early December
- India sending warship to rescue hijacked ship near Somalia
- Exporters holding back 25% of shipments through Red Sea, renegotiating contracts due to surging freight costs